TRANSFOND, the Romanian Banking Association and the entire banking community in Romania announce that the new RoPay system has become operational. RoPay allows users to make instant mobile payments in accordance with the national payment system. The first banks to go live in production are CEC Bank and Libra Internet Bank, BRD Groupe Societe Generale, ING Bank Romania, BCR and Banca Transilvania are also in advanced stages of implementation, with RoPay set to launch later this year and into 2025 .
RoPay, developed by TRANSFOND, is a mobile payment initiation service that allows instant account-to-account (A2A) transfers, using technologies such as QR code scanning, deep links, NFC (contactless) or mobile numbers as proxies (aliases) for IBANs. Each bank or merchant can implement one or more types of RoPay payments, depending on its strategy. The RoPay service is being rolled out gradually as participating banks introduce new features and cover more use cases as users get used to the service.
The first available use is for proximity-based person-to-person (P2P) payments. RoPay is available 24/7, including weekends and holidays, giving all users continuous access to money. Direct payments can be made between accounts at different banks or at the same bank, without using bank details. The service is available to end users through participating banks’ mobile banking apps and offers a fast and seamless payment experience, aiming to be integrated into everyday life. To use RoPay, both the payer and the recipient must have their bank’s mobile banking app installed and the bank must offer the service. Payments are processed immediately, in less than 10 seconds, with the highest security standards that guarantee data and transaction protection.
With RoPay you can pay a friend or request money, shop online, pay at a cash register in a supermarket, make payments at a local market or pay bus tickets or utility bills – these are just a few examples of the use cases that banks and merchants can implement. TRANSFOND and the Romanian Banking Association express their gratitude for the essential contributions of the National Bank of Romania, commercial banks, payment processors and major merchants, with whom they have consulted directly for the RoPay project. This service is the result of a real community effort.
The service is covered by the RoPay program, approved by the National Bank of Romania and managed by TRANSFOND and the Romanian Banking Association.
“RoPay aims to transform payment transactions in Romania, as it is a new payment method developed together with the Romanian banking system and allows payments between individuals and between individuals and merchants, both online and offline, using a mobile phone. RoPay is an alternative to cash or card payments and keeps pace with technological innovations, allowing the end consumer to choose their preferred payment method. The service also enables person-to-person payments, providing users with a fast, simple and free method. The standardization through the RoPay scheme ensures interoperability and simplicity for consumers, banks, payment processors and merchants. In the short to medium term, we expect all banks to offer this service, making it accessible to all Romanian customers.” said Sabin Carantină, General Manager of TRANSFOND.
“The vision for retail payments developed by the Romanian Banking Association is becoming reality through the implementation of the RoPay service, in line with European trends and regulations. RoPay, a national product, offers added value to consumers through benefits that differentiate it from other payment options, such as speed, lower costs and continuous availability. The adoption of these innovative digital technologies in national banking financial services meets consumer expectations and demands for simplified access to banking operations, while ensuring the security of transactions, data and funds.” emphasized Bogdan Neacșu, President of the Romanian Banking Association.
“We are grateful that TRANSFOND has chosen to develop this revolutionary payment service together with Montran. Through the connectivity solutions offered to banks, Montran facilitates their rapid compliance with the RoPay scheme, allowing customers to benefit from this modern and efficient payment method.” stated Alexander Esca, chairman and CEO of Montran.
